Deal funds exploration, development at Condor Gold and Copper Project
By Devika Patel
Knoxville, Tenn., May 9 - Ecuador Gold & Copper Corp. said it plans a C$1 million non-brokered private placement of units.
The company will sell 11,111,112 units of one common share and one half-share warrant at C$0.09 per unit.
Each whole warrant will be exercisable at C$0.12 for two years. The strike price is a 20% premium to the May 8 closing share price of C$0.10.
Proceeds will be used for exploration and development at the Condor Gold and Copper Project and as additional working capital.
In addition, the company said it will settle up to $928,115 and up to C$279,740 in debt incurred in connection with drilling and consulting services. The debt will be settled with about 14.3 million common shares at a deemed price of C$0.09 per share, which is a 10% discount to the May 8 closing price.
The gold and copper explorer is based in Vancouver, B.C.
Issuer: | Ecuador Gold & Copper Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$1 million
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Units: | 11,111,112
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Price: | C$0.09
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.12
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Agent: | Non-brokered
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Pricing date: | May 9
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Stock symbol: | TSX Venture: EGX
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Stock price: | C$0.10 at close May 8
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Market capitalization: | C$20.45 million
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